Covidien PLC, Fusion-io soar on deal news

AnoraMahmudova

The main benchmarks dipped in and out of negative territory as investors weighed upbeat economic reports and deal news against concerns over escalating sectarian violence in Iraq.

Over the weekend, militants in Iraq tweeted out images supporting a claim they had executed hundreds of Shiite Iraqi soldiers. The killings were not verified, according to reports.

The S&P 500
US:SPX
closed 1.62 points, or 0.1%, higher at 1,937.78. The Nasdaq Composite
US:COMP
ended the day up 10.45 points, or 0.2% at 4,321.11, helped by a 1% gain in Apple Inc.
US:AAPL
its biggest component.

Home builders’ confidence rose in June to the highest level in five months, but respondents were still a bit pessimistic, according to the National Association of Home Builders/Wells Fargo housing-market index released Monday.

Level 3 Communications Inc.
US:LVLT
shares dropped 4% after the company said Monday it agreed to acquire TW Telecom Inc.
US:TWTC
in a deal worth about $7.3 billion, including the assumption of $1.6 billion in debt. Level 3 said it secured committed financing valued at $3 billion.

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